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Ranomics closes US$1.2 million seed round to enhance genetic testing

Ranomics, a Toronto based genomics company today announces the close of a $1.2 million seed round. Ranomics conducts proprietary research aimed at resolving variants of unknown significance (VUS) in genetic testing results. The close of the seed round will scale the company’s research and development, operations and will support global sales targets.

In April 2016, the company launched Ranomics RING­-Domain, a database of internally conducted high­-throughput functional studies of 2,000 potential mutations of BRCA1, one of the most commonly mutated genes in breast and ovarian cancers. Ranomics’ functional datasets have shown 99% accuracy when validated against clinical data. In a short few months since launch, top global genetic testing firms including Beijing Genomics Institute, Veritas Genetics, Castle Medical, and Advanced Molecular Diagnostics at Mount Sinai Hospital have subscribed to Ranomics’ database. Furthermore, Ranomics has established a partnership with Interactive Biosoftware, maker of the Alamut® Software Suite, to expand the availability of Ranomics’ database to over 350 clinical laboratories around the world.

With the $1.2 million in additional funding, Ranomics will continue to branch out into other hereditary cancer genes with similar biology, such as commonly mutated cancer genes TP53 and BRCA2. Ranomics is the first of its kind to use high­throughput functional studies to diagnose genetic diseases.

“As technology advances, the main challenge in the genetic testing industry is no longer the cost of sequencing, but rather, the interpretation of sequenced results.” said Cathy Tie, CEO and co­founder of Ranomics. In early 2015, Ranomics accepted $100,000 in seed funding from San Francisco­based biotechnology startup accelerator, Indie Bio. In addition, they closed an undisclosed amount of seed money from angel investors and venture capital firms. Now, Ranomics conducts its scientific and business operations in downtown Toronto, where Ranomics is a select member of Johnson & Johnson Innovation, JLABS Toronto.

Tie envisions Ranomics to become the gold standard platform for genetic variant interpretation. “Our vision is to eliminate unclassified genetic variants in all genetic tests. We believe that observing the functions of genetic mutations in clinically relevant model organisms is the closest model to understanding the genetic mutations in the human body,” Tie stated, “Interpretation of sequenced human genomes will not only hold the key to our understanding of individual health and well-­being, but it will also unlock the next wave of personalized medicine.”

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